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Friday, July 22, 2011

General Electric Co. (NYSE: GE) announced Friday that its second-quarter profit rose to $3.7 billion, or 34 cents per share, from $3.12 billion, or 30 cents per share, in the same quarter last year. Revenue dropped 4% to $35.6 billion from $37.44 billion. Analysts, on average, expected the company to report earnings of 32 cents per share on revenue of $34.72 billion.

"With our fifth-consecutive quarter of double-digit earnings growth, we continue to execute in a volatile environment," GE Chairman and CEO Jeff Immelt said. "We posted solid overall operating earnings growth of 18%, with strong contributions from GE Capital, Healthcare, Transportation, Aviation, and Oil & Gas. GE's backlog grew to a record high of $189 billion. Total infrastructure orders were up 24%, reflecting robust strength in equipment orders, up 33%, and service orders up 16%."

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